这只基金是如何做到连续七年正收益的？|1分钟了解一只吾股好基（七十一）

Core Viewpoint - The article highlights the performance and management strategy of the Huashang Yuanheng Flexible Allocation Mixed A Fund, managed by Hu Zhongyuan, which has achieved an annualized return of 25.5% since his tenure began in May 2019, with a remarkable 87% return this year [3][5]. Fund Performance - The fund has consistently generated positive returns each year under Hu Zhongyuan's management, outperforming its benchmark and the CSI 300 index, except for a slight underperformance in 2020 [5]. - The annual performance data shows significant returns, with 2025 yielding 86.71%, 2024 at 29.69%, and 2023 at 1.53%, among others [5]. Fund Management and Strategy - Hu Zhongyuan, a new generation fund manager, has been with Huashang Fund since July 2014 and currently manages a total fund size of 317.6 billion [4]. - The fund's stock allocation can range from 0% to 95%, allowing for flexible adjustments based on market conditions, which has contributed to its ability to maintain positive returns during downturns [8]. - The fund's stock position was maintained at around 30% before 2024 but was significantly increased to over 90% during favorable market conditions, with the latest position at 54% [9][10]. Risk and Volatility - The fund experienced a maximum drawdown of 28% in early April 2025, marking the highest level of volatility since Hu Zhongyuan took over [13]. Sector Allocation - The fund's investment strategy focuses on technology and growth sectors, with significant allocations in industries such as electronics, communications, machinery, home appliances, automotive, and power equipment [15]. - The top ten holdings include leading companies in their respective fields, such as Zhongji Xuchuang and Xinyi Sheng, indicating a focus on high-quality growth stocks [17]. Institutional Support - As of mid-2025, nearly 80% of the A-class shares and 90% of the C-class shares of the fund are held by institutional investors, reflecting strong institutional confidence in the fund's management and strategy [20].